Rice: $10 Billion Energy Enterprise, Built from Scratch
- Accretive growth from 2008 startup to top ten US gas producer by 2017 strategy underpinned by technical acumen + long-term focus
- Rice and peers’ clean-burning natural gas were the driving forces behind the declines in US coal consumption and US CO2 emissions
1 Peers include AR, CNX, COG, EQT, GPOR, and RRC. Performance period measured from 1/24/14 (RICE IPO) to 11/13/17 (closing of EQT/RICE acquisition).
2 Peers include AM, CNXM, EQM. Performance period measured from 12/17/14 (RMP IPO) to 7/23/18 (closing of EQT/RMP acquisition).
The Rice Team Helped Transform EQT into a Peer Leader
- Following EQT’s $8.2bn acquisition of Rice Energy, EQT struggled to deliver the benefits of the merger and was plagued by poor operational performance and disappointing shareholder returns
- In response to inquiries from other shareholders, the Rice Team(1) conducted a shareholder campaign to revamp the strategic direction of EQT
- In July 2019, >80% of shareholders elected the Rice Team director nominees, replacing a majority of EQT’s board. The Rice Team executed on a strategy to transform EQT from an old-line, hierarchical, siloed organization to a modern, digitally enabled energy producer with peer-leading operational results
1 The Rice Team was comprised of Toby Z. Rice, Derek Rice, Kyle Derham and Will Jordan. Daniel Rice was a Rice Team director candidate. Following the campaign, Toby Rice joined the company as President and CEO and Danny continued his role on the Board. Kyle Derham served as interim CFO and currently serves as a strategic advisor. Derek Rice served on EQT’s Evolution Committee during the turnaround efforts.
2 Per EQT 2Q20 Investor Presentation.